Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HML. We currently have 36 research reports from 2 professional analysts.
The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February
Companies: HMLH EBQ MPAC STX SXX GOOD ADT RDT AFX
HML Holdings (HMLH): Corp Interim results | Independent Oil & Gas (IOG): Corp Executive changes
Companies: HML Independent Oil & Gas
MRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019
Companies: LID OVB HMLH TUNE AMPH DGOC ANIC UKOG BIOM PVR
The results were slightly ahead of expectations in virtually all respects. The business model continues to deliver consistent growth and cash generation and the group remains well positioned to benefit from any further tightening of industry legislation. We have raised our target price by 8% to 57p, implying potential share price upside of 68%.
HML Holdings (HMLH): Corp Good final results | Independent Oil & Gas (IOG): Corp Corporate update | InnovaDerma (IDP): Corp Positive trading update | Solid State (SOLI): Corp Strong FY results, EPS upgrade
Companies: HMLH IOG IDP SOLI
ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Com pany w ill focus on the acquisition, leasing and m anagement of prim arily widebody aircraft, with asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subscription of Shares to raise up toapproximately US$200m· IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas w hich have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC Uniphar, a diversified healthcare services business w ith a workforce of over 2,000, is looking to join AIM. Raise TBC, expected mid-July 2019
Companies: JSG SXX GUN HMLH TPG APPS ARCM GRA I3E PLUS
discoverIE (DSCV): Corp Prospects enhanced, debt reduced, target raised | HML Holdings (HMLH): Corp Positive trading update
Companies: Discoverie Group HML
Castleton Technology (CTP): Corp Positive trading update | HML Holdings (HMLH): Corp Acquisition | Yourgene Health (YGEN): Corp Trading update drives upgrades
Companies: CTP HMLH YGEN
United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 28 Feb Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Polemos, to be renamed Digitalbox plc, has agreed to acquire Digitalbox Publishing Holdings Limited for c.£10m through a share for share exchange. The acquisition constitutes a RTO. Polemos has also agreed to acquire the entire issued share capital of Mashed Productions Limited, a digital media business which owns the online satirical news website "The Daily Mash", for a maximum total consideration of up to £1.2m. Market cap on admission £12.4m, expected 28 February
Companies: ARCM ARIX IRON TENG MANO PCA PAT PTRO TEF HMLH
Armadale Capital (ACP): Corp Project Update | dotDigital (DOTD): Corp Robust interims | HML Holdings (HMLH): Corp London acquisition | Pelatro (PTRO): Corp Vietnam revenue share contract underpins forecasts
Companies: ACP DOTD HMLH TRT PTRO
Kropz, an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana, is looking to join AIM. Offer TBC, expected late Nov Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected early December. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA. Due early Dec Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer £5m new capital, £400k sell-down, market cap of £30m, expected late 4 Dec 2018.
Companies: PPC INL OPG NCYT AGY C4XD ALSP ALT HMLH SAV
Altitude Group (ALT): Corp Trading update; NED appointment | D4T4 Solutions (D4T4): Corp Strong H1 weighting built on recent contract wins | Gooch & Housego (GHH): Corp FY results in line; strong order book | HML Holdings (HMLH): Corp KCOM (KCOM): Corp Interims
Companies: ALT D4T4 GHH HMLH KCOM
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RA International is a leading provider of services to remote locations in Africa and the Middle East looking to join AIM raising £18.8m and 56p, market cap of £97.2m. Expected 29 June Cake Box Holdings—franchise retailer of cakes with a growing store base across the UK looking to join AIM, Sell down of £16.5m, Mkt Cap £43.2m. Mar18 FY rev £12.8m, underlying earnings £3.7m. Due 27 June. Mind Gym. Behavioural science business that uses scalable proprietary products to deliver human capital and business improvement solutions to large corporations. Offer secondary offering of £50.8m at 146p, market cap of £145.1m. Due 28 June Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply contract for up to $170m. Due Early July. Knights Group— UK regional legal and professional services businesses. FYApr18 rev £34.9m and adjusted operating profit was £6.8m excluding Turner Parkinson (acquiring on IPO). Offer raising £30m primary and £20m secondary at 145p with market cap of £103.5m, expected 29 June. TransGlobe Energy Corporation—an independent international upstream oil and gas company with headquarters in Calgary, Canada is looking to join AIM. No Capital to be raised, market cap of £131m. Expected 29 June Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.
Companies: MCL EVRH GHE VEL SEN ADA TSG HMLH UNG BKS
Research Tree provides access to ongoing research coverage, media content and regulatory news on HML. We currently have 36 research reports from 2 professional analysts.
|16Mar20 07:00||RNS||Director Appointment|
|06Mar20 16:12||RNS||Issue of Equity|
|10Feb20 17:26||RNS||Holding(s) in Company|
|10Dec19 17:02||RNS||Grant of Options & PDMR Dealing|
|26Nov19 07:00||RNS||Half-year Report|
|04Nov19 13:08||RNS||Holding(s) in Company|
Belvoir’s FY 2019 results were strong, with adj. EPS up 13% (13.6p vs our forecast 13.0p) and strong cash generation. COVID-19 will affect property sales in FY 2020 but lettings (61% of 2019 gross profit) will be more resilient, helped by the Government’s measures to support employment and incomes. Management has reacted quickly, reducing costs and putting plans in place to support franchisees. We now forecast a ‘lost year’ in FY 2020, assuming five months of no sales activity, a significant reduction in financial services and a reduction in lettings fees, partly offset by a £1.5m cost reduction. The capital light franchise model, inherent high levels of cash generation and no final dividend for 2019 mean we forecast gross cash of £2.0m at December 2020, down from £3.6m. Belvoir is in good financial shape to weather the storm and support its franchisees before returning to normal activity. The success of the strategy was again evidenced by a strong start to 2020 prior to COVID-19.
Companies: Belvoir Lettings
Alpha has released an update today, which highlights the impacts of the recent global lockdown and extreme FX volatility on the trading and working capital of their clients. We have reduced this year’s revenue forecast by 14% and EPS by 24%. We show the Company has sufficient capital to hit these revised forecasts and importantly has a business model, capital structure, technology platform and client proposition to continue to take share and return to high-growth when economies normalise.
Companies: Alpha Fx Group
The scaling of Duke's royalty portfolio was progressing as expected up to March 2020, with record cash receipts that month. Due to Covid-19 and the UK's economic shutdown, macro conditions have worsened and become highly uncertain. This is likely to see some royalty partners' future cash royalties decline, which in turn, will negatively impact FV's in the FY20E results. Duke's high margin and cash generative nature ensures it is well placed to trade through these challenges. Given the degree of uncertainty in outlook, we remove forecasts and put our recommendation Under Review and await further clarity on the portfolio.
Companies: Duke Royalty
The Coronavirus pandemic is a human tragedy of vast proportions – as well as the terrible human toll, COVID-19 has led to economies across the globe going into physical lockdown and financial freefall. Entire populations are adapting to the “stay at home” edict, to safeguard the vulnerable – and some of these changes will lead to long-lasting or perhaps permanent changes in the way we live or work. This note describes some of our client companies whose business models are well adapted to these changes, or who might see a change in long-term structural demand.
Companies: AMO BGO FDM GAMA KAPE LOOP TERN ZOO
Appreciate saw trading in line with expectations until the end of February, but the closure of fulfilment locations in response to COVID-19 has seen a substantial drop in billings in the past week. Management is withdrawing its guidance, but will provide an update in the second half of April. Meanwhile, the interim dividend (£2m) will not be paid and the FY dividend will be reviewed in June (c. £4m). We see the net cash balance sheet as strong enough to weather the storm. The company’s digital first strategy will accelerate and help to mitigate the pressure on physical vouchers. We will review our estimates in April, but we think that a CY20E EV/EBIT of 3.8x on existing numbers more than reflects the downside risks.
Companies: Appreciate Group
We believe that NSF’s response to the current pandemic is in the interests of all its stakeholders. The operational shift towards remote working helps protect its staff whilst enabling its clients to continue to access the services they need. Similarly, its decision to reduce lending and focus on its existing clients and those most in need, is the prudent thing to do. These actions, combined with the high risk-adjusted margins on its existing loan book should enable the group to generate positive cash flow, even allowing for an increase in impairment during the current period of economic uncertainty. This should leave the group in a stronger position to serve its clients and win share when the current government restrictions are lifted. As a result, of this medium-term outlook we reiterate our BUY rating.
Companies: Non-Standard Finance
Covid-19's future impact is likely to overshadow FY19A results which delivered YoY growth, despite imposition of the tenant fee ban and the backdrop of a subdued lettings/sales market. With franchisee premises and the UK housing market now closed, FY20E trading will be materially affected and growth strategies (financial services, assisted acquisitions) are now on hold. The group will fall back on its recurring lettings revenue, streamlined cost base and debt-free balance sheet to seek profitable trading and positioning for a market rebound in FY21E. Given uncertainty as to Covid-19's duration and severity, we put our recommendation Under Review and withdraw forecasts awaiting further clarity.
Companies: Property Franchise Group
Companies: AVO AGY ARBB ARIX BUR CMH CLIG DNL GDR HAYD PCA PIN PHP RE/ RECI RMDL STX SHED VTA
FY Results – Significant strategic progress and well positioned for 2020 Digitalbox is an AIM-quoted digital publishing company, currently owning two distinct digital media assets and with a scalable platform to grow through acquisitions. This morning's FY2019 results evidence the substantial progress the company made in 2019 at both a financial and operating level and with a very robust balance sheet to capitalise on future M&A opportunities. The company reported revenue of £2.24m and a reported adjusted EBITDA of £0.53m, which after adjusting for prepaid costs from 2018 with respect to Facebook marketing cost, yields an EBITDA of £0.63m. Whilst key operating KPI's for 2019 were very strong y-o-y, and Q1:2020 is said to have traded ‘ahead of management expectations', increased traffic to their assets will likely be offset by increased pressure in advertising spend in 2020. As such, we prudently reduce our FY2020E and FY2021E adjusted PBT estimates by 35% and 22% to £0.59m and £0.74m respectively. Revenue and profitability is H2 weighted, and thus it is possible that the company might experience positive momentum in advertising spend, but it's too early to call. Assuming a 10x FY2020E EV/EBITDA multiple, we see fair value at 9.3p.
U+I has confirmed the disposal of its share in the Harwell Campus, delivering development and trading gains of c.£11m. Crucially, these should fall in to FY20, subject to discussions with auditors. The >£40m cash realised from the sale compares to a £10m investment six years ago. An adjoining building on the Harwell Campus has also been sold ahead of book value, for £7.5m. We prudently leave any forecasts unchanged at this uncertain time. A post-close trading update with more detail will be given on 15 April. The shares now trade at a 72% discount to NAV, vs the UK sector at a 15% discount.
Companies: U&I Group
Numis expects to report H120 revenues c 10% higher than in H119 with revenue from investment banking slightly down and equities ahead on the back of increased market volatility. Given the impact of the pandemic we have provided indicative scenarios rather than a point estimate for FY20. Numis is strongly capitalised and has net cash of over £84m. Looking beyond the current dislocation, it is well positioned to serve its corporate client base in a period in which the need for fresh equity and a revival in corporate transactions could drive a sharp recovery in activity.
Companies: Numis Corporation
Gross profits up 50%: As with all litigation funders, we focus on the gross profits as this reflects the net gain on investments. Pleasingly, GP was 50% ahead of the comparable period following settlements of cases and, mainly, developments in ongoing matters (fair value uplifts). Whilst realised GP fell from c.£2.2m to c.£1.0m, Management expects increased cash realisations in H2 given the 32 live cases that are in advanced settlement stages. Indeed, Manolete has received an additional £0.8m of settlements since the period close. As at 7 November 2019, ROIC remains at a market leading 159% (last reported 180%), which could be skewed upwards in H2 should these advanced cases settle favourably.
Companies: Manolete Partners
Aviva announced an operating profit of £3,184m (up 6% yoy) and an IFRS profit after tax at £2,663m, better than expected. The main source of operating earnings improvement was the reduction in net expenses in the UK digital business by £165m regarding 2018. The cash remittance reached £2,597m, and the insurer is on the right track to deliver one of the key 2022 targets: remitting £8.5-9bn over 2019-22. We keep our positive opinion on the stock.
Companies: Aviva Plc
Favourable trading conditions have led to Plus500 issuing its second trading update in less than a month. Not only has the recent surge in volatility resulted in a significant increase in client activity, the strength of the group’s platform and brand has helped it deliver stronger user growth during Q1’20. The combination of the strong financial and operational performance sees us upgrade our FY20 PBT estimate by 52%. Despite the clear opportunity for the company to continue to win market share and deliver profitable growth, the shares trade on just 6.6x CY21 earnings. As a result, we reiterate our BUY rating and increase our TP to 1450p (from 1000p).